Regions Financial (RF) was the big winner among large U.S. banking names, with shares rising over 5% to close at $4.38.
The broad indexes saw 1% increases. The KBW Bank Index (I:BKX) rose more than 2% to close at 40.84, with all 24 index components showing gains of over 1%.
Shares of Wells Fargo (WFC) jumped more than 4% to close at $26.53, after the company disclosed an agreement to settle class-action lawsuits by several municipalities against a unit of Wachovia, which was acquired by Wells Fargo in 2008. In a deal that is still subject to court approval, Wells Fargo agreed to pay "an amount equal to the greater of $37 million or 65% of the restitution amount of a future settlement, if any, with the various state Attorneys General of their investigation of Wachovia."
Large U.S. banks seeing shares rise 3% on Tuesday included Bank of New York (BK), which closed at $21.93; Citigroup (C), at $31.42; Comerica (CMA), at $26.85; Huntington Bancshares (HBAN), at $5.49; M&T Bank (MTB), at $73.83; SunTrust (STI), at $20.18; and State Street (STT), at $41.74.
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